The CBA Involved in Shipping of 17 Tons of Almonds Using the Block Chain

An announcement has been made about a successful trade made by the Commonwealth Bank of Australia through its newly created blockchain platform. As part of a blockchain experiment, the Commonwealth Bank of Australia together with five domestic and overseas supply chain leaders have tracked and traded 17 tons of Almonds that were en-route to Hamburg, Germany from Melbourne, Australia. This tracking and trading was done using the blockchain. The players involved in this experiment saw the blockchain platform digitize three aspects of the trade. The operations part, the finance part and the documentation part of the trade.

The digitization of these three elements is further illustrated by the completion of tasks which represents the finance part, the storage of container information digitally representing the operations part and the shipping of documentation digitally. The partners were also able to track and view the location of the shipment from Sunraysia located in Victoria, Australia to Hamburg, Germany, while also viewing the shipment container’s conditions such as humidity, and temperature. All this is enabled by the Internet of things technology (IoT). The CBA’S new platform seeks to improve a number of aspects about the supply chain and will be powered by distributed ledger technology (DLT), smart contracts and the internet of things (IoT).

Data provided by these technologies helped the participants in the supply chain benefit from increased efficiency and greater transparency regarding the condition, location and authentication of goods in transit as noted by the CBA. The experiment provided participants with a chance to have a feel of the technology since they were able to upload and have access to supply chain documents such as the bill of lading, certificates of origin, and other necessary documents through the Ethereum based blockchain. In order to have a real-time comparative scenario, the tests were run parallel to existing processes.

The managing director of industrials and logistics at the Commonwealth Bank of Australia, Chris Scougall, stated that the bank’s new blockchain platform experiment made it possible to have a modern and improved global supply chain system that is agile, transparent and efficient. He further expressed confidence that the blockchain had the ability to ease the strain caused by business administration free up time and energy for businesses to deliver the best services to their customers. The five supply chain top industry players that were involved in the blockchain experiment were; pacific national for rail haulage, port landlord Melbourne, Olam orchards of Australia, OOCL Limited, and Stevedore Patrick Terminals.

The shipping of Almonds enjoyed hard and software support from LX group, an Australian IoT provider. This latest experiment is only the latest carried out by the CBA. Two years ago, the bank teamed up with Wells Fargo as well as Brighann Cotton to execute a trade between two banks using the blockchain and smart contract technologies. They didn’t stop there, with the bank unveiling an unprecedented “crypto-bond” last year, which sought to raise funds through the issuance of bonds on the blockchain.

Related Articles

By Guest Author – Kate Yong, Australia Announced in 2016 by Monetary Authority of Singapore (MAS), Project Ubin is an exploration and trial of blockchain also known as distributed ledger technology (DLT). The name Ubin is derived from a tiny island off the shore of Singapore known for being one of the last places in the […]

Pantera capital, one of the pioneer investment firms to solely focus on crypto and the blockchain sector, just marked their 5 years of operation in an interesting fashion. Amid the pomp and color witnessed at the fifth-anniversary festivities, a Bitcoin price forecast was given, where the firms CEO predicted that the price of Bitcoin would […]

By Guest Author : Kate Yong , Australia There is a lot of hype attached to blockchain right now and Australia is not missing out either. Just last month, the Australian Securities Exchange (ASX) has announced it would the first global market to replace its existing clearing system with blockchain. Also known as the distributed […]

RECENT POSTS

The United States Securities and Exchange Commission has continued its in-depth assessment of Initial coin offerings (ICOs) with the body reaching a settlement on two crypto startups. Initial coin offerings (ICOs), may be important platforms for crypto projects to raise funds, but these platforms must also operate in accordance with the regulatory requirements spelled out […]

Oil industry giants BP and Shell are among a group of business entities plotting the launch of a Blockchain platform that will automate post-trade processes in the energy industry this year. This news was revealed by VAKT Global, a consortium that is building the platform, at a digital commodities summit hosted by S&P Global Platts […]

Even though it didn’t appear so in the first days of the month, the last week was marked in a bloodbath for all major cryptos as even Bitcoin and Ethereum touched their new lows for the year 2018. In the market craze of negative trends that marked the week between November 12th and November 18th, […]

Bosch, an electronic manufacturing giant has partnered with IOTA in a bid to integrate its new data collection internet of things (IoT) device with the decentralized IOTA Data Marketplace. This is according to a tweet made by a Bosch representative on November the 12th. The IOTA marketplace is a data marketplace where various interested parties […]

Bitcoin Cash previously announced a hard fork due to the crucial disagreements between the visions of two different teams taking care of Bitcoin Cash since it was originally forked out of Bitcoin (BTC) chain. The two teams, Bitcoin ABC and Bitcoin SV decided to split, which resulted in splitting the chain in two as well, […]

Categories

Categories

ABOUT

Crypto News Bytes

Cryptonewsbytes is a leading cryptocurrency online news magazine, dedicated to provide latest breaking news, trends and developments in the cryptocurrency space.